Three 2024 Crypto Predictions After 2 Months

Bitcoin (CRYPTO: BTC) remains above $50,000 two months into 2024, its highest level since December 2021. According to their January acceptance of Bitcoin ETFs, government regulators appear to be more pro-crypto than in the prior two years. Given that, here are three predictions for the rest of the year.

The SEC's approval of almost a dozen spot Bitcoin ETF products for investors has been the year's narrative. Based on that move, Bitcoin broke $50,000, and many analysts believe it is about to go mainstream with consumers and institutional investors.

Don't you think Wall Street will expand its spot Bitcoin ETF offerings to other cryptocurrencies after its success? Ethereum (CRYPTO: ETH) is the hot crypto, and the SEC may approve new spot Ethereum ETFs by summer. If so, Ethereum might rise like Bitcoin did after its spot ETFs began.

Wall Street may offer spicier spot Bitcoin ETFs, according to rumors. Inverse and leveraged ETFs allow investors to make highly leveraged wagers on Bitcoin's direction. Naturally, most investors should stick to vanilla.

Crypto was considered dangerous, speculative, and even toxic in 2024. It was unfit for retirement accounts. Most wealth managers, portfolio strategists, and investment counselors advised against investing more than 1% in crypto. The new spot Bitcoin ETFs seem to have transformed everything. Everyone appears willing to invest more in crypto now. Fidelity Investments now calls 1% "conservative," while "balanced" requires 2.5%. A "aggressive" allocation is 3% or more.

Ark Invest advised investors to devote 19.4% of their portfolios to crypto for best risk-adjusted returns in late January. Since it's easy to add a spot Bitcoin ETF like Ark Invest's new offering to a portfolio mix, Bitcoin would likely account for most of that exposure. Bitcoin's popularity is sure to rise with all this buying pressure. But how high? Everyone is watching Bitcoin's $100,000 price target. Investor capital inflows into Bitcoin ETFs, better macroeconomic conditions, and a more stable crypto regulatory environment are the main reasons.

Bitcoin might rise much more. Bitcoin may double or triple in value after the April halving event. Because Bitcoin has reached record highs after three halving events in 2012, 2016, and 2020. Last year, hedge firm Pantera Capital estimated Bitcoin will reach $148,000 by July 2025.

Bitcoin sounds like a no-brainer investment, and Wall Street's new Bitcoin ETFs are a success. All of that suggests 2024 will be the year crypto goes mainstream. Bitcoin might hit a record high again in the best-case scenario.

Remember that crypto is unpredictable. Predicting the crypto market can be futile. Volatility, regulatory ambiguity, and shifting narratives are common. Do your research before buying a new spot Bitcoin ETF or increasing your portfolio's crypto exposure.

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